is limited and does not include military spending, homeland security or programs like medicare and social security. a it is likely to anger some democrats in congress. the worry about what they'll see as spending cuts during an election year. and republicans aren't happy about new tax credits the president outlined yesterday that target student loans and certainly families with children and aging relatives. >> it's more of the same old nonsense that will do nothing to get our economy moving again and that's what the american people want. they want the economy to begin to improve and they want jobs to come ack. >> reporter: the president says he has created or saved millions of jobs. and while that's difficult to prove he does acknowledge the frustration. >> so i understand why the american people, their attitude is not it could ha been worse, their attitude is how do we make sure it gets better and that's what we're talking about on wednesday. >> reporter: and as for the spending freeze. it should save 10-$15 billion in the first year. the total budget deficit this year is $1.4 trillion.